主讲人：David McLean（美国乔治城大学）

讲座摘要：In this paper we ask whether retail investors are responsive to analysts’ revisions. We consider revisions in recommendations, price targets, and EPS forecasts, all of which predict returns. Revisions in recommendations and price targets portend greater retail trading in the direction of the revision. The effects are stronger for All-Star Analysts’ revisions, and retail investors also respond to All-Star’s revisions in EPS forecasts. Retail investors trade in anticipation of revisions in price targets and recommendations, consistent with analysts or brokers “tipping” some retail investors. Retail trades earn higher returns when aligned with analysts’ revision. The results show that retail investors are one channel through which analysts’ information gets into prices. Our findings also support the idea that spikes in retail trading reflect informed trading, some of which is informed by analysts.

时间：10月26日（星期二），晚上20:00-21:30

线上会议：腾讯会议（会议号：837 821 160）

主讲人简介：David McLean 教授是乔治城大学 McDonough 商学院教授，他的研究方向为资本市场的不完备性及其对资产价格与公司治理所产生的影响。McLean 教授在Journal of Finance、Journal of Empirical Finance 和Review of Financial Studies等国际知名期刊发表了大量文章，他的研究成果荣获了the Amundi Smith Breeden Award for the best paper in Journal of Finance、the Jensen Prize for the best paper in the Journal of Financial Economics、the Q-Group’s Roger Murray Prize for quantitative research in finance 等多个奖项。McLean教授还担任Management Science 等知名学术期刊的编委会成员。

主办：中国互联网经济研究院

此次讲座获得北京高等学校卓越青年科学家计划资助（BJJWZYJH01201910034034），特此致谢。